by Wijay Kanagasundaram | Jan 16, 2019 | Accounting and bookkeeping, HMRC, MTD, Tax
Making Tax Digital (MTD) for VAT is only few months away. From 1 April 2019, all VAT-registered UK businesses above the £85,000 VAT threshold will need to keep records digitally and submit VAT returns to HMRC using MTD-compatible software. Over the coming months,...
by Wijay Kanagasundaram | Dec 10, 2018 | Budget, Government announcements, HMRC, News
We had lot of questions from our clients regarding this and hope this article will help them understand this better. WHAT IS PAYMENT ON ACCOUNT? ‘Payments on account’ are payments made towards your following year’s income tax. In other words “Advance Payments” towards...
by Wijay Kanagasundaram | Oct 29, 2018 | Budget, Government announcements, HMRC, IR35
Chancellor of the Exchequer H.E Philip Hammond delivered his speech today at Westminster. He opened the speech with “A budget for the strivers, the grafters and the carers” and “era of austerity is finally coming to an end”. We will look at some key...
by Wijay Kanagasundaram | Jul 3, 2018 | Government announcements, HMRC, Self Assesment, Tax
This is a quick update about the ‘HMRC Payment on Account’ on your Self Assesment return. Please ignore this email, if you started your company on or after 6th April 2017; or if your Personal Self Assesment tax bill for Financial Year 2016/17 is less than...
by Wijay Kanagasundaram | Jun 9, 2018 | Accounting and bookkeeping, HMRC, Personal finances, Tax
What is Relevant life insurance? Relevant life insurance is an insurance policy that a business can take out to provide life insurance for an individual employee. The policy is applied and paid for by the business, and is written into trust from outset so it pays out...
by Wijay Kanagasundaram | Feb 7, 2018 | Government announcements, HMRC, Personal finances, Self Assesment, Tax
The Self-Assessment return for 2016/17 will be the very first return with Dividend Tax. Dividend tax was introduced by former Chancellor to Exchequer George Osborne in Budget 2016. Key changes from 6th April 2016 are, The Dividend Tax (10%) Credit will be abolished...
